Tencent Music Entertainment Group (TME) PT Raised to $26 at Citi Ahead of Earnings

Citi analyst Alicia Yap raised the price target on Tencent Music Entertainment Group (NYSE: TME) to $26.00 (from $19.00) while maintaining a Buy rating.

The analyst stated "We expect TME to report relatively in-line 4Q20 during the week of Mar 22nd. We estimate total revs and profit to be broadly inline with our and consensus expectation. We model total revs to rise +13.8% yoy to Rmb8.3bn and adj. net profit +2.1% yoy to Rmb1.37bn (or 16.5% margins)".

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